FT. LAUDERDALE, Fla.
May 15, 2013
/PRNewswire/ -- iTalk Inc. (OTCQB: TALK) (OTCBB: TALK) ("iTalk" or the "Company"), a global provider of advanced communications and mobile broadband services, is pleased to announce that it has signed a Letter of Intent to acquire the assets and business of Global Telelinks, Inc. ("Global Telelinks"), an established 10-year-old international telecommunications company. Global Telelinks provides Super Mobile Service and Unified Communications Tools to individual and corporate customers in 36 countries.
"The Global Telelinks transaction is another excellent example of our targeted subscriber based growth strategy that focuses on the acquisition of complementary revenue generating business that allow iTalk to immediately expand its product offerings and customer base," commented
David F. Levy
, Chief Executive Officer of iTalk Inc. "We believe that acquiring synergistic telecom companies with strong customer bases will provide iTalk with significant leverage to market its premier products to a larger audience while simultaneously increasing core revenues and shareholder value."
During the past 10 years, Global Telelinks has served over 1,000,000 customers, and once acquired is expected to add approximately
in annual revenue to the company. The Company intends to leverage Global Telelinks' 35,000 current customers and over 1,000,000 prior customers to grow the business and expand distribution of the growing list of complimentary iTalk products.
This potential acquisition remains subject to, among other things, iTalk Inc. and Global Telelinks, Inc. completing customary pre-closing due diligence and entering into a Definitive Agreement. The Definitive Agreement is expected to be signed by all parties on or before the end of
, 2013. There can be no assurance that any transaction will be completed as proposed or at all.